Additional Powers, Functions and Exemptions.
Section 7
SEC. 7. Additional Powers, Functions and Exemptions. — In addition to the powers, functions and exemptions of the authority under P.D. No. 4, as amended, the Authority shall have the following powers, functions and exemptions: To acquire ownership of, by purchase or otherwise, and/or to invest in, hold, sell or otherwise dispose of, stocks or bonds or any interest in either, or any obligation or evidence or indebtedness; of any corporation, public or private, domestic or foreign, or the bonds or other obligations or evidence of indebtedness of any corporation. So register, license arid supervise persons, natural or juridical, who shall engage or are enraging in the wholesale, retail, processing, manufacturing, storage, transporting, packaging, importation, exportation of food products/commodities and such other related to food activities and to prescribe, impose and collect fees, charges and/or surcharges, with the approval of the President of the Philippine upon recommendation of the Council. To import/export or cause the importation/ exportation of food products/commodities and/or raw materials, equipment and facilities needed in the manufacture/processing of food commodities as may be determined by the Council, and as approved by the President of the Philippines. To establish or cause the establishment of branches or agencies, domestic or foreign, whenever deemed necessary by the Council. To engage in the production, manufacturing, processing and/or packaging of food products/commodities as may be necessary to effectively carry out its functions and as approved by the President of the Philippines. To establish and or re-structure its own internal organization and to fix the remunerations, emoluments, allowances and other fringe benefits of its officers and employees, subject to the provisions of pertinent compensation law and regulations. To create and establish, a "Provident Fund" which shall consist of contributions made both by the Authority and its officers and employees to a common fund for the payment of retirement and other benefits to such officers and employees or their heirs under such terns and conditions as the Council may fix. h. She subsidiaries of the authority and those which may be subsequently acquired and/or hereinafter created by law and/or owned/controlled and/or organized by the Authority shall enjoy the tax exemptions and other privileges and rights of the authority when specifically approved by the President of the Philippines.